[robk1982]

http://www.mlive.com/flintjournal/in...y_riverfr.html

Mott Foundation to buy Riverfront Character Inn in downtown Flint; What do you think?
by David Harris | The Flint Journal
Wednesday December 17, 2008, 10:00 AM


FLINT, Michigan -- The Charles Stewart Mott Foundation is stepping in to buy the Riverfront Character Inn, a surprise shift in ownership for the former hotel some call key to revitalizing downtown Flint.

The Mott Foundation -- with its deep pockets -- is taking over the purchase from the Crim Fitness Foundation, which originally signed a purchase agreement to buy the building in April but had not been able to close the deal on the troubled property in the seven months since.

There is no timeline as to when the deal will be closed, but Mott officials said it would be in the near future. The purchase price for the potential sale has not been disclosed.

"Given the fact that the (purchase agreement) deadline was approaching, we felt it was important to step in and ensure the fact that (the building) was preserved," said Phillip Peters, group vice president of administration and secretary/treasurer of the Mott Foundation. "It's clear at this point that the Crim Foundation wasn't in position to exercise the deal."

In the agreement announced this morning, the Crim Fitness Foundation transferred to the Mott Foundation its option to buy.

The former Hyatt Regency Hotel sits just blocks away from the Mott Foundation's storied headquarters on South Saginaw Street.

Gerald S. Myers, CEO of the Crim Fitness Foundation, said his foundation still will play a vital role in deciding what will be done with the building that sits next to the Flint River.

"We should all feel fortunate that the C.S. Mott Foundation stepped up and is looking to buy the building," he said.

The Crim foundation is completing a feasibility study that would decide how to use the building, but has promoted a multipurpose use including convention space, hotel services, retail and a "center of excellence in the area of health and fitness."

"I don't know of a successful downtown that doesn't have a successful meeting space, convention space hotel," said Jerry Preston, president of the Flint Area Convention and Visitors Bureau. "It's kind of an element that we are missing right now."

Tim Herman, chief executive officer of the Genesee Regional Chamber of Commerce, said it doesn't matter which organization buys the building, just as long as it gets preserved.

"I think that anytime that an organization like the Mott Foundation can step in and perserve the building, it's a good thing," he said.

The 16-story hotel opened in 1981 with 369 rooms as a Hyatt Regency.

From 1991-97, it was part of the Radisson hotel chain, and it later became afiliated with Ramada in 1999.

In 2000, the Institute in Basic Life Principles bought the building and hosted some events at the inn, which didn't allow smoking, alcohol or rock music.

But, it has been trying for years to sell the building.

Bill Gothard, the president and founder of the institute, could not be reached for comment.